It's no secret that today's home buyers begin their home search online. But it's not just anecdotal -
According to the latest release from the Pew Internet & American Life Project, 51% of all Internet users had taken an online home tour as of August of 2006. This is an increase from 45% just two years ago, in November 2004. With growth like this, it's no wonder that real estate brokers and agents are going online to promote themselves and their listed properties.
Pew found that age, not income, is the best indicator of who will go online to search for a home: 27% of Internet users age 50-64 have looked at homes online, while 43% of users age 30-49, and 51% of users age 18-29. This suggests that perhaps brokers and agents should target their websites to tech-savvy young adults rather than more mature homebuyers - even though it may be more likely that mature homebuyers will have the resources to buy the expensive properties. (Perhaps I knew that instinctively, and that's why my new website - coming soon! - will have a flash slideshow, a do-it-yourself mortgage calculator and home search tools.)
Education is another indicator of likely online homesearchers: 46% of Internet users who are college graduates have looked at homes online; 38% of those who have some college, and just 34% of high school graduates. Online experience also factors into the decision to look online for a home: Those with 6 or more years of online experience are 50% more likely (45%) than those with 4-5 years experience (30%), and nearly double those with less than 3 years experience (23%).
There are many more facts and figures in the full Pew Report published earlier this month by Senior Research Fellow Deborah Fallows. But this is not the last, or only, word on this topic.
Market Research finds buying power is hiding in empty nests, according to an article released on December 6 in Houston by The Media Audit. Among other things, the article reports that the Internet, along with newspapers, dominates the media interest of this group. So perhaps there is an online target market for real estate brokers and agents, after all, for more mature Internet users. As Tim O'Keefe says, in his real estate marketing blog, it's a little like "eggs are bad, then they are good for you type of thing."
The National Association of Realtors surveyed actual home buyers in 2003, rather than Internet users in general (as Pew did), and found that 71% began their home searches online. Given the growth in Internet use over the past 3 years, one can reasonably surmise that the number would be greater in a similar study today.
The bottom line, of course, is that online home searches are here to stay. It is my goal to make the most of this phenomena by developing a truly effectivce real estate website. I'd be very interested in hearing YOUR input about what you'd like to see in a broker or agent's website, so that I can incorporate it into my new and revised website which is now in development.
Other links:
- Lisa Phillips - Senior Analyst
- Talk about Online Real Estate - eMarketer.com
Feedback or more information:
- Email: mwoda@remax.net
- Website: www.MargaretWoda.com
- Crofton Real Estate
On-line home searches
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